Ferro Reports 2010 Third-Quarter Results

The charges included a loss on extinguishment of debt of $19.3 million, restructuring and impairment charges of $9.6 million and other charges of $13.8 million primarily related to debt refinancing activities, manufacturing rationalization actions and employee severance. Including the charges, the loss from continuing operations for the 2010 third quarter was $2.4 million, or $0.04 per diluted share, compared with income from operations of $2.8 million, or $0.04 per diluted share, in the third quarter of 2009. In the third quarter of 2009, the operating results included net pre-tax charges of $14.1 million primarily related to impairment of goodwill, manufacturing rationalization and other cost reduction actions.

“Our excellent third-quarter results, net of pre-tax charges, show the sustainable benefits we have created through our improved cost structure,” said Chairman, President and Chief Executive Officer James F. Kirsch. “We have delivered on our commitment to transform Ferro into a strong, efficient competitor that is ready to build on our leading product positions. We are consistently delivering sales growth, strong operating cash flow and improving margins while continuing to invest in the completion of our manufacturing rationalization initiatives.”

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